Liquidators Mildura

Company debt can come about very easily. A few slow months and all of a sudden the debt is generally a very long way beyond the grasp of the company owner. If you have company debts that are out of control then call us. At Liquidators Mildura we are company debt professionals. For a completely free of charge consultation call Liquidators Mildura on 1300 818 575.

If my company is in trouble should I get in touch with a liquidator?

Normally when a company owner finds himself or herself in an unworkable financial position they are advised by their bookkeeper, their solicitor or even their friends to get in touch with a Liquidator and place the company into liquidation. Be very careful about this. We have learned, here at Liquidators Mildura, that many individuals believe that due to the fact that you are paying the liquidator they will look after your best interests and really help you to get you back on your feet. HOWEVER THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Mildura is on your side

Although administrators and receivers are often nice individuals, their responsibility, once they are actually appointed, is to your creditors (people you owe money to) and also to the courts. They are to get as much money as possible from the liquidated business to pay off these creditors. That’s all. If, for one moment, you feel they will watch out for your best interests, you are unfortunately mistaken.

Once you have actually signed those papers to select liquidators to your company; that is it! You no longer get any say over your business. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in a lot of cases you have just shelled out for the death of your own company.

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One Business Owner’s Story

I figured out I was in trouble when the bank wouldn’t lend me any more against the farm. This home has been in the family for years and the prospect of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both urged me to go and see Liquidators Mildura which I didn’t do, of course. I found this other liquidation organization and they said that’s the only escape. I understood I had significant debt, but it just appeared like I had no alternative. My accountant said that since I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would be taken care of. WRONG!

I found some Liquidators, they seemed professional and qualified and these guys explained they would help me as much as they could to overcome my money problems. I had no idea what was about to happen. They seemed to understand my situation; I had some money coming in and a sale of some machinery going through.
The moment I signed the paperwork the liquidators requested the keys and that was it. Everything was taken out of my hands, the sale of the equipment was totally taken control of, the money I had coming in was gone, they took over every single thing; it was all gone. The next day my savings account was frozen and what I thought was going to be a beneficial situation became my worst nightmare. I lost everything!

What is the most reliable strategy if my business is in difficulty?

There is a technique to dealing with this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Mildura and we will help you guide through the minefield which it can be. In fact, a lot of the stress and anxiety can be dealt with in a manner that will work for you, not against you. This sounds simple but, as a matter of fact, there is an huge amount of law and many rules in place covering this process so getting the correct advice from Liquidators Mildura is always a safe option. If you are undecided what you must do and just need some guidance, simply contact us on 1300 818 575. Liquidators Mildura specialises in pre-liquidation strategies.

What happens if someone else is winding up my company?

If somebody is winding up your company, such as the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some choices right here and there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Mildura. The trick here is to get some advice and involve us as quickly as you can in this particular process. It is that simple. Normally you will receive a notice in the mail or a court order, and if you have one of these give us a call because the longer you neglect this the fewer options you have. Call us at 1300 818 575.

Can I continue to run a business if I have been the director of a company that has been liquidated?

Yes, you can still run a business. No, you can not still be the director of the company that has been liquidated. This is among the most frequent questions we are asked. Of course, there are regulations that have to be complied with, and you will need to ensure you structure things in properly moving forward. Liquidation does not should be the end of your business life, as many people think it does. We can really help you to do this and rebuild a new life after liquidation. There are choices, but in most cases people simply have no idea exactly what they are. At Liquidators Mildura, we can explain your options and help you achieve your goals.

What do I must do?

Be prepared. Liquidators don’t work with you, regardless of how much you pay them. Your creditors don’t work for you, no matter how much of their bill you pay them. Your friends love you, but usually have no thought to what they are often recommending to you. They’ve more than likely heard that if you want to begin again you need to throw away the company through a liquidator and it is an simple assumption to make that if you pay a liquidator they will work for you. Understand – THIS IS NOT THE CASE! WE WORK FOR YOU– no one else does. You are our client and we are only concerned with getting the result you want. For a free consultation call Liquidators Mildura 1300 818 575.

What do we do?

At Liquidators Mildura we help you work through your options. We than help you take the appropriate step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the right way with your creditors and deal with the situation. Call us now at Liquidators Mildura on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t ever disregard your mail! The ATO will often provide companies Wind-Up Notices or Statutory Demands, or even a Director’s Penalty Notice on you or your company. If this has happened, you must act fast! Sometimes communication is all that’s required, in some cases winding up the company is the answer and sometimes negotiation is required. Whatever is called for, we will help you work through a plan and we will support you the whole way.

What If I have received a notice from the Tax Office?

If you have received one of these warnings YOU MUST NOT LET THEM LAPSE. Contact us as quickly as you get them and we can help you work through the procedures readily available to secure the best and most favourable outcome for you. Once we have done an assessment of your business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Mildura today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every single business owner knows these changes and the dangerous nature of all of them and how they will certainly impact you and your business. If you have a tax debt then you may be issued with a Director Penalty Notice by the ATO.

What does it mean if I have a Director’s Penalty Notice?

The purpose of a Director Penalty Notice is to get directors liable for their company’s unpaid tax debt. As a director, you will not have the ability to avoid personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

Your debt is older than three months and or your debt was not reported to the ATO within 3 months of the due date.

As a director, you may also be liable for your companys unpaid superannuation liability when you get a penalty.

Directors, and associates of directors, may now also be liable for a new personal income tax liability. This will make directors and their associates possibly liable for a companys unpaid PAYG withholding liability.

Do I have any choices?

Yes. If your company has an ATO debt or you have received a Director’s Penalty Notice, it is important that you seek expert advice, as we have numerous options you may will need to think about. Simply call liquidators Mildura on 1300 818 575.

What if I pay no attention to the notice?

There may be considerable consequences for not abiding by the ATO’s notice; this can involve losing personal assets like vehicles, property or shares, and personal bankruptcy for the business’s debts.

STATUTORY DEMANDS

Just what is a Statutory Demand?

A Statutory Demand is a demand generated under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out a specified sum of money within 21 days from the day of the delivery of the demand on the Debtor Company.

If the debt is contended, or if there are exceptions in the document, the company should right away get independent legal advice and apply to the Court to set the demand aside on the premise that the financial debt, then the target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it manages to pay its debts as and also when they fall due. Accordingly, the test as to whether a business is insolvent is that it is unable to pay its debts as and when they are actually due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has failed to comply with a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will supply ‘proof’, which is sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just turn up in the post?

Yes, it might be delivered face-to-face or simply appear in the mail as registered mail.

WINDING UP NOTICE

What is a Wind-Up Notice?

A wind-up notice usually follows a Statutory Demand. If a business is unable to pay the debts then the Court has the power to wind it up and appoint a liquidator whose obligation it is to turn the assets into cash and disburse the cash in the order set out in the Corporations Act. In short, this notice is essentially a letter informing you that on a certain date a liquidator will be designated by the courts to take control of your company if you do not pay the debt.

Who can send me a Wind-Up Notice?

The creditor who acquires the appointment of the liquidator and the liquidator take priority in regard to their costs, as do specific employee entitlements. The remainder is distributed equally among unsecured creditors.

Will I be actually obliged for my businesses debt?

NNo. The liquidation of a company does not instantly imply the director will be actually made bankrupt; however, the process of winding up a company resembles the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice any time, so it is certainly best to act quickly. For a no charge consultation get in touch with Liquidators Mildura on 1300 818 575.

What happens if I can not pay the debt within the 21 Days?

A liquidator will be actually appointed and you will not be the director of your company. The judge will assign a liquidator who then takes on full control of your company. All of the clients, cheque accounts, assets, cash, money that’s owed to the business and your buildings are no longer yours. In other words, it is actually over. The company you have built over the years is no longer yours. All the resources will be sold, your office, shop or factory will be taken over by the liquidators ( these guys will even change the locks) and your services are actually no longer called for. Every element of your business will now be under the administration of the liquidator.

Do I have any options prior to the Liquidators seizing my business?

Yes. We offer a free initial consultation to help you work through this problem. Our team of specialists can spare you tremendous distress. You should act quickly! Calling us the day before the liquidators arrive is useless. Contact Liquidators Mildura today on 1300 818 575.